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论文编号：	14679
作者编号：	2120223656
上传时间：	2024/6/5 22:40:55
中文题目：	个人投资者积极主义与监管问询——基于交易所投资者互动平台的实证研究
英文题目：	Retail Investor Activism and Regulatory Inquiries: Evidence from the Q&A Platform of Exchange
指导老师：	姚颐
中文关键字：	个人投资者；股东积极主义；交易所问询函；文本分析
英文关键字：	retail investor, shareholder activism, regulatory inquiries, text analysis
中文摘要：	个人投资者是我国证券市场的主流参与者，但因地理位置分散、持股比例低、资金力量薄弱等原因，长期居于弱势地位。作为股东的一员，个人投资者拥有提案、投票等参与公司治理的股东权利，但他们在这些传统治理渠道中的表现通常是“冷漠”的。在我国的市场环境下，上市公司的股权集中度较高，第二类代理问题频频发生，个人投资者如何有效保护自身利益不受侵害？2010年互联网进入Web2.0时代，随后国内陆续有研究发现，投票中往往缺位的普通投资者在“股吧”、“互动易”等网络媒体平台上却十分活跃。有研究将此视为一种积极主义的表现，并经检验认为这种积极主义具有公司治理效应。有研究指出监管的介入是这种积极主义发挥治理效应的一种可能途径，但目前尚未有实证证据表明个人投资者积极主义与监管之间有直接的关系。而本文则试图透过交易所设立的投资者互动平台刻画个人投资者积极主义，探究个人投资者积极主义对监管问询的影响。 本文借助2015-2022年沪、深交易所投资者互动平台的提问数据以及问询函数据，以A股上市公司为样本，通过Logit回归模型探究了个人投资者积极主义对监管问询的影响，以及提问情绪和提问一致性在其中的调节作用，其中提问情绪使用基于词典法计算的情绪得分衡量，提问一致性使用基于word2vec词向量法计算的余弦相似度衡量。在稳健性检验部分，本文通过PSM样本检验、内生性分析、固定效应模型检验来说明结论的稳健性。进一步，本文基于LDA主题分析模型将提问根据文本内容分为4类，分别观察财务相关、经营相关、行业相关和证券相关话题下积极主义对监管问询的不同影响。 研究发现：（1）个人投资者积极主义可以提高监管问询的概率，从边际效应来看，个人投资者积极主义每增加1个单位，公司收到问询函的概率增加6.9%。（2）个人投资者情绪越负面、提问一致性越高，其积极主义行为对监管问询的影响力越大。（3）当投资者的意见表达中公司财务状况、经营情况相关话题含量较高时，个人投资者积极主义对监管问询的影响得到显著强化，而证券运作、行业热点相关话题则没有表现出类似的强化作用。
英文摘要：	Retail investors are the mainstream in Chinese securities market, and they have long been in a weak position as they are geographically dispersed, low shareholding with small pool of capital. As individual shareholders, retail investors have rights to propose and vote. Instead, they are observed to perform indifferently in traditional corporate governance in China, where listed companies on average have high concentration of shareholdings, which leads to the severe second type of agency problem. How could retail investors protect themselves from being infringed? With the coming of Web2.0, domestic studies have found that retail investors absent in proposing and voting are very active on online media, which is regarded as a kind of shareholder activism. These studies mostly believe the regulator is a possible part of the reason why retail investor activism have governance effect, but it’s hard to find empirical evidences which show the direct relationship between them. Q&A platforms set by SSE and SZSE and the regulatory inquiries provide a foothold for researching. Base on data from Q&A platforms of SSE and SZSE, this study uses Logit regression model to test the effect of retail investor activism on regulatory inquiries, and test the moderating effect of investor emotion and questioning consistency. The conclusions are robust by testing the regressions of PSM sample. At last, this study distinguishes different topics of retail investor activism and test the effect of each topic on regulatory inquiries to show their difference. In study design shows innovation for using the dictionary method to catch investors’ emotion, using Word2Vec to catch the question consistency, and using the LDA model to distinguish the question topic. The study finds that: (1) retail investor activism can enhance the probability of regulatory inquiries. (2) the more negative the retail investors or the higher the question consistence, the greater the influence of retail investor activism on the regulatory inquiry. (3) the financial and operational questions are more likely to attract regulator.
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